I am looking for entry LONG. The main trend is up,
i had an earlier post on idea of going long.
This is the zone now. Although there is a trendline that looks broken, I WILL LOOK AT PRICE ACTION.
Pound Yen seems to have broken out of the range it has been caught in for the last couple of days. The uptrend could resume, though markily because GBPUSD seems like it could fall, but my strategy is showing a LONG to 195.
Long Position.
Based on the uptrend that has been there, and the chart patterns, confirmed by H4 Candles today, and the correlation with GBPUSD, there is a potential long.
Scaling in as we observe is my strategy on this one.
I had a SHORT POSITION ON XAU yesterday that the Tokyo session has proven me wrong.
I stand on the side as I seek clarity on XAU chart.
Going long feels like catching a falling knife.
I am BEARISH on GOLD to 3150.
Gold will make a retracement to the recent significant resistance.
Price action on Hourly Chart is actually showing a build up of momentum to retrace.
Fundamentals could nullify, but I am afraid to buy.
The trend is up though.
Thinking in terms of Elliot Wave, Trend Analysis,.. Gold is in a strong uptrend,. However, it has met a ceiling of a channel, failed there, broke a daily trendline, Broke and did a deep retest,.. www.tradingview.com
